Oil edges higher as Opec mulls output cuts
Opec and its producer allies are weighing further cuts to counter slower demand resulting from the coronavirus
05 February 2020 - 07:53
Singapore — Oil prices climbed more than 1% on Wednesday, boosted by news that the Organization of the Petroleum Exporting Countries (Opec) and its producer allies are weighing further output cuts to counter a potential squeeze on global oil demand resulting from China’s fast-spreading coronavirus.
Brent crude oil futures were up 74c, or 1.4%, to $54.70 a barrel by 3.26pm GMT, while US West Texas Intermediate (WTI) crude futures were up 61c or 1.2% to $50.22 a barrel...
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